"Altadena's median sale price peaked at $1.5 million in September 2023, marking a nearly 20 percent gain over the year-ago period, according to Redfin."
"Pre-Eaton fire, homes in Altadena received 17 offers in a week, selling for significantly above asking price, while now they sit on the market for over two months."
"Market comps are hard to come by, making it difficult to price homes and anticipate buyer behavior, adding to the complexity of the Altadena market."
Altadena's residential market has seen a significant price increase, peaking at $1.5 million in September 2023, a 20% rise from the previous year. Following the Eaton fire, prices dropped 43% to $710,000 in March 2022, but began to recover, reaching $990,000 in February 2023. Despite this recovery, market stability remains uncertain, with homes now taking over two months to sell compared to a week pre-fire. The unique characteristics of older homes complicate pricing, making the market increasingly nuanced.
Read at therealdeal.com
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